It! Review Do 11-2a Your answer is partially correct. Try again. Flounder Corp, began operations on April 1 by issuing 51,500 shares of $8 par value common stock for cash at $15 per share. In addition, Flounder issued 1,600 shares of $1 par value preferred stock for $3 per sha Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the amounts.) Date Account Titles and Explanation Debit Credit April 1 Cash 772500 Paid-in Capital in Excess of Par Value-Common Stock Common Stock (To record issuance of common shares) April 1 To record issuance of preferred shares) Click if you would like to Show Work for this question: Open Show Work